Blockchain technology: the next frontier in information technology
A blockchain is a decentralized and shared database that records transactions across multiple participants. It speeds up transactions and secures data from deletion, tampering and revision.
Although blockchain is one of the hottest topics in IT today, the concept remains elusive to many. Heralded as one of the most transformational technologies of our time, it is next to certain that blockchain will affect your business in some way, sooner or later. Hence, executives that understand the mind-boggling scope and opportunities of this technology are likely to unlock future growth.
Transactions involving company assets – such as money, patents, contracts or just about anything that holds value – are traditionally tracked in ledgers. These ledgers, however, are inefficient, costly and non-transparent. Moreover, they are trust-based, making them sensitive to fraud and misuse. Blockchain aims to solve all of these deficiencies.
The basics of blockchain
A blockchain is a tamper-proof, shared digital ledger that records transactions in a public or private peer-to-peer network. All assets are embedded in digital code and stored in transparent, distributed databases. Every transaction has a unique digital signature that is identified and validated by the entire network, protecting them from deletion, tampering, and revision. As such, blockchain’s new form of data sharing and asset transfer has the potential to eliminate intermediaries and central third parties.
Companies should prepare for blockchain technology by exploring the realm of opportunities it has to offer.
What this means for businesses
Blockchain may be the technology at the heart of digital currencies like Bitcoin, but its potential goes far beyond financial applications. Every business process that somehow relies on trust, security, transparency or operational efficiency can benefit.
From managing complex supply chains to setting up global collaborations or even enhancing marketing and customer service initiatives: blockchain has the potential to disrupt all of it. While there are still many challenges to overcome, the technology promises to evolve fast. In order to unlock future growth, business should begin by exploring the realm of opportunities it has to offer.
How delaware can help
- Thanks to a deep understanding of corporate processes, delaware can assist you in defining distributed-ledger strategies to identify new growth opportunities. Our teams help you strive for a sustainable, competitive advantage.
- We have both the scale and the expertise to set up experiments or implement blockchain technology through actionable roadmaps.
- delaware’s extensive track record as a systems integrator is a meaningful asset in building blockchain applications on top of existing digital data and diverse communication infrastructures.
- Our experience in a wide range of industries allows us to both inspire you and guide you through complex business transformations that go beyond blockchain.